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HSDL not allowing purchase of money market funds??
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- Lemon Half
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HSDL not allowing purchase of money market funds??
I'm looking at
L&G Cash Trust I Acc GB00B0CNHB64
Fidelity Cash W Acc GB00BD1RHT82
and get the message:
Following changes to FCA regulations, new investment in this share class is unavailable. Please check if there is an alternative share class in this fund
This is in an ISA
They are both ISA valid and HL show them as active and available
?????
L&G Cash Trust I Acc GB00B0CNHB64
Fidelity Cash W Acc GB00BD1RHT82
and get the message:
Following changes to FCA regulations, new investment in this share class is unavailable. Please check if there is an alternative share class in this fund
This is in an ISA
They are both ISA valid and HL show them as active and available
?????
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- Lemon Quarter
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Re: HSDL not allowing purchase of money market funds??
I have no knowledge of your particular instruments but have you bought them before? If so you could ask HSDL to explain the change.
I don't always believe these sorts of messages. It's a blanket no without proper reason.
I don't always believe these sorts of messages. It's a blanket no without proper reason.
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
No, but have bought similar (Royal London Short Term Money Mkt Y Acc) which are available
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
I've emailed them along these lines ..." can you explain the changes and when they came into effect?"
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
AleisterCrowley wrote:I've emailed them along these lines ..." can you explain the changes and when they came into effect?"
You could also try asking the FCA. It's not beyond the bounds of possibility that HSDL have misinterpreted some edict by the FCA.
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- Lemon Half
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
I did get a secure message back: the gist of it was they can't sell me the funds in question because the settlement periods for buying and selling are different.
Go figure...
Go figure...
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- The full Lemon
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Re: HSDL not allowing purchase of money market funds??
AleisterCrowley wrote:I did get a secure message back: the gist of it was they can't sell me the funds in question because the settlement periods for buying and selling are different.
Go figure...
An IT related issue?
In the past I have encountered seeming 'financial issues' (e.g. "A TESSA can only be transferred to a TESSA ISA not to a standard Cash ISA") that eventually turned out to be 'issues' only because they were embedded in company IT systems, rather than being real world issues.
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
I've asked the FCA, which is fair enough I think, because HSDL blame 'changes to FCA regulations'
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
AleisterCrowley wrote:I did get a secure message back: the gist of it was they can't sell me the funds in question because the settlement periods for buying and selling are different.
Go figure...
Uh? Sounds unlikely, and the factsheet for the L&G one says simply T+1. Doesn't say anything about difference periods for buying and selling... (I didn't check the Fidelity one).
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- Lemon Slice
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Re: HSDL not allowing purchase of money market funds??
There was some recent news about fractional shares being disallowed for ISAs. This has in theory led to an unexpected tax bill for holders. I wonder if HSDL are just double-checking these funds are "legit" in an ISA? (I'm extremely sure they are, but they are not strictly Stock and Shares?)
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
NotSure wrote:There was some recent news about fractional shares being disallowed for ISAs. This has in theory led to an unexpected tax bill for holders. I wonder if HSDL are just double-checking these funds are "legit" in an ISA? (I'm extremely sure they are, but they are not strictly Stock and Shares?)
I hold Royal London Short Term Money Market Fund Y Acc in the same ISA, and pretty sure that holding has fractional shares. I actually topped up after getting the message re Fidelity Cash W Acc GB00BD1RHT82, which is a similar beast...
(I can't check as the HSDL site is down for maintenance until 6pm)
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
Got a response from FCA , who said' ask HSDL which rule' - so I did
HSDL response;
The reason we are unable to trade these stocks is due to the settlement periods. For example when buying the stock, it settles in 3 days and when selling it settles in 4. Our systems cannot differentiate between these two settlement periods. Therefore, we are unable to offer this stock.
So, I assume it's an IT issue, and FCA rules are nowt to do with it...
HSDL response;
The reason we are unable to trade these stocks is due to the settlement periods. For example when buying the stock, it settles in 3 days and when selling it settles in 4. Our systems cannot differentiate between these two settlement periods. Therefore, we are unable to offer this stock.
So, I assume it's an IT issue, and FCA rules are nowt to do with it...
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
AleisterCrowley wrote:Got a response from FCA , who said' ask HSDL which rule' - so I did
HSDL response;
The reason we are unable to trade these stocks is due to the settlement periods. For example when buying the stock, it settles in 3 days and when selling it settles in 4. Our systems cannot differentiate between these two settlement periods. Therefore, we are unable to offer this stock.
So, I assume it's an IT issue, and FCA rules are nowt to do with it...
Ok, so now ask L&G and Fidelity why they have different settlement periods for buying and selling, and ask them if they can sort that out so that you can buy them through HSDL ...
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
I'm losing what enthusiasm I had.... I may just take the risk of being concentrated in the Royal London fund (it is the cheapest)
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
Alaric wrote:
You could also try asking the FCA. It's not beyond the bounds of possibility that HSDL have misinterpreted some edict by the FCA.
It seems the initial reply from HSDL was a plain fib and it's an IT issue not an FCA one. Not that it will get anywhere, but does the false statement justify a complaint?
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
Alaric wrote:Alaric wrote:You could also try asking the FCA. It's not beyond the bounds of possibility that HSDL have misinterpreted some edict by the FCA.
It seems the initial reply from HSDL was a plain fib and it's an IT issue not an FCA one. Not that it will get anywhere, but does the false statement justify a complaint?
I'm not convinced that the most recent explanation is right either. As I pointed out above, the L&G fund's factsheet says "Settlement period T+1" so I think it's worth checking with them....
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
I think I'll just leave it - I can see it turning into a never-ending struggle! I don't get paid for this you know
Latest, and hopefully final, exchange
(Summarised)
Me: So nothing to do with FCA regs then?
HSDL: 'We are aware of the message which is displayed when attempting to purchase this stock, a fix to amend this is due to be implemented as soon as possible.'
Latest, and hopefully final, exchange
(Summarised)
Me: So nothing to do with FCA regs then?
HSDL: 'We are aware of the message which is displayed when attempting to purchase this stock, a fix to amend this is due to be implemented as soon as possible.'
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Re: HSDL not allowing purchase of money market funds??
I use Premier Miton Money Market funds in my SIPP through HL with no problem.
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- Lemon Half
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Re: HSDL not allowing purchase of money market funds??
JohnEdwards wrote:I use Premier Miton Money Market funds in my SIPP through HL with no problem.
Have you got the ISIN, can't see them on filter?
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